Riot Requisitions Nominates 3 Independent Directors to Bring Urgently Needed Change to Bitfarms Board; Riot Withdraws Previous Proposal To Acquire Bitfarms For $2.30 Per Share; Stands Ready To Engage With Reconstituted Bitfarms Board Regarding A Potential Transaction
Portfolio Pulse from Benzinga Newsdesk
Riot Platforms, Inc. (NASDAQ:RIOT) has nominated three independent directors to the Bitfarms Ltd. (NASDAQ:BITF) board and withdrawn its previous proposal to acquire Bitfarms for $2.30 per share. Riot, which owns 14.9% of Bitfarms, aims to fix Bitfarms' corporate governance and is open to future transactions with a reconstituted board.
June 24, 2024 | 12:41 pm
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NEUTRAL IMPACT
Bitfarms faces a potential board reconstitution as Riot Platforms nominates three independent directors and withdraws its acquisition proposal. This move aims to address governance issues.
The nomination of new directors and withdrawal of the acquisition proposal could lead to uncertainty in the short term, but may improve governance in the long term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Riot Platforms has nominated three independent directors to the Bitfarms board and withdrawn its acquisition proposal. Riot aims to improve Bitfarms' governance and is open to future transactions.
Riot's actions indicate a strategic move to influence Bitfarms' governance and potentially engage in future transactions, which could be seen positively by investors.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100